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This concise yet insightful sequel to the highly acclaimed The Nature of Economic Growth provides a comprehensive critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty. A.P. Thirlwall illustrates that orthodox growth theory continues to work with 'one-good' models and to treat factor supplies as exogenously given, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade specialisation when assessing the welfare effects of trade. The author goes on to present theory un

Tony Thirlwall's bestselling 'Economics of Development' (formerly 'Growth and Development') provides a clear, comprehensive and analytically rigorous introduction to development for students of economics. For the Ninth Edition, the contents have been revised comprehensively and reorganized to reflect the evolving field. Highlights of the revision include substantial new material covering:¦ institutions and development - a new chapter¦ failed states¦ the Stern Review and the impact of climate change on the poor¦ financial development and economic development¦ the mac

This text charts development economics as it evolved from Adam Smith to "new" or endogenous growth theory. Thirlwall is critical of the latter, and its predecessor neo-classical growth theory, and tries to put back demand as a driving force in growth theory

PART I: INTRODUCTION -- Development and Underdevelopment -- The Production-Function Approach to the Study of the Causes of Growth -- PART II: FACTORS IN THE DEVELOPMENT PROCESS -- Land, Labour and Agriculture -- Capital and Technical Progress -- PART III: OBSTACLES TO DEVELOPMENT -- Dualism, Centre-Periphery Models, and the Process of Cumulative Causation -- Population and Development -- PART IV: PLANNING, THE ALLOCATION OF RESOURCES, SUSTAINABLE DEVELOPMENT AND THE CHOICES OF TECHNIQUES -- Planning and Resource Allocation in Developing Countries -- Project Appraisal, Social-Cost Benefit Analysis and Shadow -- Wages Development and the Environment; J. Peirson -- The Choice of Techniques -- Input-Output Analysis -- The Programming Approach to Development -- PART V: FINANCING ECONOMIC DEVELOPMENT -- Financing Development from Domestic Resources Foreign Assistance, Debt and Development -- PART VI: INTERNATIONAL TRADE, THE BALANCE OF PAYMENTS AND DEVELOPMENT -- Trade and Development -- The Balance of Payments, International Monetary Assistance and Development.